SH vs. SPY

Last updated Jun 18, 2026

SH (ProShares Short S&P500) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SH returned -12.83%/yr vs 15.43%/yr for SPY. At a correlation of -0.99, they often move in opposite directions. SH charges 0.90%/yr vs 0.09%/yr for SPY.

Performance

SH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -6.30% return, which is significantly lower than SPY's 8.95% return. Over the past 10 years, SH has underperformed SPY with an annualized return of -12.83%, while SPY has yielded a comparatively higher 15.43% annualized return.

SH

• 1D: 1.27%
• 1M: -0.03%
• YTD: -6.30%
• 6M: -7.79%
• 1Y: -15.72%
• 3Y*: -11.69%
• 5Y*: -8.99%
• 10Y*: -12.83%

SPY

• 1D: -1.25%
• 1M: 0.31%
• YTD: 8.95%
• 6M: 10.99%
• 1Y: 25.43%
• 3Y*: 20.41%
• 5Y*: 13.77%
• 10Y*: 15.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SH vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-6.30%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
SPY State Street SPDR S&P 500 ETF	8.95%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SH and SPY is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.99

The correlation between SH and SPY has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

SH vs. SPY - Sectors Allocation Comparison

Sectors	SH	SPY
Financial Services	75.1%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

SH vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 65
SPY Omega Ratio Rank: 69
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SH vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SH	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-1.28	2.06	-3.34
Sortino ratio: Return per unit of downside risk	-1.84	2.80	-4.64
Omega ratio: Gain probability vs. loss probability	0.80	1.38	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.87	2.87	-3.74
Martin ratio: Return relative to average drawdown	-1.53	12.95	-14.48

SH vs. SPY - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.28, which is lower than the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SH and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SH vs. SPY - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SH and SPY.

Drawdown Indicators

	SH	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-55.19%	-39.47%
Max Drawdown (1Y) Largest decline over 1 year	-18.16%	-8.88%	-9.28%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-18.76%	-20.06%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-24.50%	-20.03%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	-33.72%	-42.40%
Current Drawdown Current decline from peak	-94.52%	-2.45%	-92.07%
Average Drawdown Average peak-to-trough decline	-67.77%	-9.04%	-58.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.29%	1.97%	+8.32%

Volatility

SH vs. SPY - Volatility Comparison

ProShares Short S&P500 (SH) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.64% and 4.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.68%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	9.77%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	12.41%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	17.15%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	17.98%	+0.07%

SH vs. SPY - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SH vs. SPY - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.42%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SH ProShares Short S&P500	4.42%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SH and SPY in my portfolio?

SH and SPY have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SH or SPY?

SPY has higher volatility (4.68%) compared to SH (4.64%). In terms of maximum drawdown, SH dropped -94.66% vs SPY's -55.19%.

Which ETF is better, SH or SPY?

On 10-year performance, SPY leads with 15.43% vs -12.83% for SH. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or SPY?

Over the 10-year period, SPY has performed better with a 15.43% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.90% for SH.

Which ETF pays a higher dividend yield, SH or SPY?

SH has the higher dividend yield at 4.42%, compared with 1.00% for SPY.

What is the main difference between SH and SPY?

SH is categorized as Inverse Equities, while SPY is S&P 500. SH tracks S&P 500 (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.90% for SH and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.06 vs -1.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.